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Aldermen have agreed to refer a proposed ordinance to increase the fair market value of an acre of land in the city for development purposes to the Plan Commission for public hearing. Developers of new residential subdivisions are required to donate cash or land to the school district and the Park District for building schools and parks to accommodate the subdivision’s additional residents.
In 2001, the City Council increased the fair market value of an acre of land for school and park land donation purposes to $117,000 from $79,000. It now proposes to raise the value to $130,000.
